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QIB lends SMG $50m through syndicated facility

QIB lends SMG $50m through syndicated facility
Photo Credit: Arabianeye-Reuters
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Doha-Mubasher: Qatar Islamic Bank (QIB) participated with $50 million (AED 183.5 millions) in a sharia-compliant syndicated finance facility worth $325 million for Stanford Asia Holding Company, a subsidiary of Stanford Marine Group (SMG), according to a bourse statement on Tuesday.

Noor Bank acted as the initial lead arranger and bookrunner, while QIB, Barwa Bank and First Gulf Bank acted as mandated lead arrangers. Ajman Bank and United Arab Bank were appointed as lead arrangers to the transaction.

 This financing deal will foster cooperation between Islamic banks to provide Islamic financing solutions to fulfill the needs of major companies in the Gulf, such as Stanford Marine,” said Saeed Al Khayareen, QIB assistant general manager of the wholesale banking group.